The UK-funded Climate Finance Accelerator Uganda has announced the selection of six new businesses for the second phase of its capacity-building program.
These innovative low-carbon projects were chosen from over 140 applicants and will receive tailored support from both Ugandan and international experts to enhance their prospects for securing investment. The selected projects include Agrosahas International Private Limited, which offers an agritech platform focused on organic farming using AI, machine learning, and satellite-based precision agriculture. Bukona Agro Processors Limited provides a clean cooking solution through sustainably produced ethanol fuel and efficient cook stoves. Additionally, CO2 Balance UK Limited is working to rehabilitate non-functional boreholes to ensure safe water access in Northern Uganda.
Other selected businesses are Ebee Uganda, which specializes in electric bicycles and rental services for last-mile delivery; Ecobrixs, which recycles plastic waste into PET flakes for reuse; and Ecoplastile Limited, which operates a closed-loop waste management system to produce affordable, high-performance construction materials, incentivizing recycling through cash rewards.
These enterprises span sectors including waste management, transportation, energy, and agriculture, forestry, and other land uses (AFOLU), and they aim to benefit communities while reducing carbon emissions across Uganda. Collectively, they are seeking over $28 million (approximately 1.3 billion shillings) in funding.
Additionally, four other businesses have been invited to participate as affiliate members in CFA webinars to bolster their projects in anticipation of future applications to the program.
Chargé d’Affaires Philip Smith expressed his enthusiasm for the new projects, stating, “Following the success of the first phase of CFA Uganda earlier this year, I am pleased to quickly select six promising businesses for the next cohort. The entrepreneurs involved will embark on a journey that will challenge and inspire them, leading to tangible benefits as they seek investment for their ambitious initiatives to combat climate change in Uganda.”
Smith also highlighted the UK government’s commitment to prioritizing climate and nature, noting the establishment of a Global Clean Power Alliance to accelerate the transition to clean energy, which will strengthen partnerships with Uganda and unlock new climate finance through innovative methods.
After the capacity-building and mentoring sessions, a gathering in Kampala in November will connect project developers with investors who will provide detailed guidance. Participants will have the opportunity to pitch their projects to these investors.
In November, projects from both the current and previous cohorts of CFA Uganda will also engage in a virtual event with regional investors. Furthermore, in December, four projects will travel to London to present to investors in the City of London.
CFA projects in South Africa have already attracted over $96 million in investments, including businesses such as Wetility, Everlectric, and BSF Breeding. In Mexico, CFA initiatives have unlocked nearly $180 million in funding.
Amanda Kabagambe, Managing Director of Bethel Advisors, expressed her excitement about continuing support under the CFA program, stating, “We are eager to catalyze climate finance into Ugandan projects in this phase, which builds on our pilot program and includes opportunities for pitches to international investors in London, as well as a local policy forum to enhance the operational landscape for these initiatives.”
